Go from the simple to the complex. Select one market (for example, USD/JPY) and examine the story for the last ten years (more than history, the better). Select the chart trends, support and resistance levels, see how they behaved rates approaches to these levels. Locate the chart, familiar and unfamiliar to You the figures of technical analysis and carefully study the behavior of the course in these figures. Try "to hear the melody of" the exchange rate shown on the chart. Doing such exercises on a large scale charts (monthly, weekly, daily, hourly), You will discover many useful patterns.
Independently make decisions. Trader - a person who is responsible for the results of their work at all one hundred percent. Therefore, the trader always has ITS game plan and takes decisions INDEPENDENTLY. Only отмежевавшись the view of the majority, the trader can understand the correctness or the fallacy of their actions, and it is the key to successful trading. "If you ever find yourself tempted to seek out someone else's opinion on a trade, that's usually a sure sign that you should get out of your position" - Linda Bradford Raschke, stock and options trader.
Learn from your mistakes. Carefully consider not only their profitable, but, equally important, losing positions. The bitterness of losses is much less, if You understood his mistake and, therefore, confident that not repeat the mistake in the future. A trader is able to benefit from the work done on the mistakes doomed to success. "As long As you learn something from a loss, it's not really a loss" - Tom Basso, stock and futures trader.
is Your system to Your advantage. order To win in the stock market game, You should have some advantage over other traders. Such an advantage is a proprietary trading system tested on historical data and indicating a positive result. The trading system should not be complicated, so it can be easily adjusted to the constantly changing market conditions. "The more complex a system is, the more it components, so it is more vulnerable" - Dr. Alexander elder.
Discipline is the key to success. Many traders fail, even having a "dangerous weapon" - own trading system. The secret of success lies in self-discipline trader and his ability to follow the signals of the system, not missing moments of the opening and closing of positions. "If you break a discipline once, the next transgression becomes much easier" - Gil Blake, fund manager.
a Reasonable risk acceptable risk. in order to start trading, a trader must have initially some cash. Professional trader risks only the money which he can afford to lose without financial collapse for yourself or your family. This is a trader need for the adoption of sound and cold-blooded solutions for the enjoyment of freedom of thought. Therefore, first of all, decide the amount of funds You are ready to risk in order to sleep well. If You will be afraid of losing money - You will lose.
Time to stop the loss. All traders know how important it is to quickly identify and eliminate erroneous position. But remember, as it is difficult to part with the "native position of"You "stuck in my soul". Because close loss-making position is to admit their mistake and are You able to say to yourself: "Yes, man, this time I'm wrong." Hope for a reversal of the market in their favor and stay for the growing loss of luxuries for the trader. Remember not mistaken only one who does nothing. If You make a mistake, simply close the position, and not try to improve the situation of all sorts of хеджированиями. "The single most important reason that people lose money in the financial markets is that they don't cut their losses short" - Victor Sperandeo, fund manager.
Let profits run. a Professional trader never gets profit, for profit, for it is important to properly forecasting of changes in exchange rates and, only as a consequence of this, receiving material compensation. To trade successfully you must "make a profit" only if Your trading system tells You about it. Let profits run and You will achieve the maximum result. "It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong" - Stanley Druckenmiller.
Correctly build trade pyramid. do Not forget to increase the open position if the market moves in Your favor and You feel its right. Trick in the construction of the trading of the pyramid is that each new addition to the position was less than the previous one. Only with such a pyramid average rate of Your open position will allow You to lossless ride out short-term movement of the currency rate against You. "You can be far more aggressive when you're making good profits"- Stanley Druckenmiller.
Trade - marathon for life. Treat speculative game as a serious business, You want to pursue more than one year, receiving material and moral satisfaction. Beginner seeking from the first order double or triple your account, "like a teenager, убежавшему from home to Hollywood to become a star of the screen and, as a rule, suffers a defeat in the first months of work. Your goal is to learn to trade and to become a real professional. Only in this way You will reach stable positive results.
Use the cyclicity results. Many events in the world there are cyclic. Life of a trader also goes through periods of victories and defeats. Increasing the size of their positions in the synchronization period with the market and reducing otherwise, you can achieve a positive result of trade. Skilful management of their accounts (money management) uses most of successful traders (if not all). "The idea is to lose as little as possible while you're in a losing streak" - Victor Sperandeo, fund manager.
Study psychology traders. Traders, as they form the foreign exchange market, first of all people with their emotions and psychology. What is the schedule of exchange rate changes? It is not that other, as a graphical display of opinions, hopes, desires, fears of a worldwide community of traders. To trade successfully, you need to study human psychology and its impact on trade decisions. Analyzing the pricing schedule, try to understand the thoughts and feelings that overwhelmed traders in each moment. This approach will allow You to leave the ranks of the cowardly and weak and join the aggressive and bold in the bulls or the bears.
Understand their motives. Before you begin to trade, answer the question: why I want to do this? You simply do not have enough excitement in my life, or You like to solve cunning puzzles? Or perhaps You want to get rich, and overnight? You dream to learn interesting profession (possibly for life) or You are trying to escape from the monotony of everyday life? And may You not laurels Soros? A clear idea about your goals will help You to find the shortest path to achieve them.